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Actually, it's Budai, the "Laughing Buddha"
"Budai is often conflated with (or simply replaces) the historical Buddha, Siddhartha Gautama, in spite of the distinct visual differences in how each has been depicted. In India, Nepal, and throughout southeast Asia, Gautama (who lived during the 6th c. BCE) is commonly depicted as being tall and
slender in appearance. In contrast, in China and those areas to which Chinese cultural influence spread, the depiction of Budai (who lived during the 10th c. CE) is consistently short and round. Both depictions are the idealized results of the religious, cultural and folkloric traditions which evol
ved in the centuries after their respective deaths."